OneCoin lose credit card processing merchant

Turns out there might be a much more serious problem for OneCoin behind the decision.

According to OneCoin, the decision to start accepting bitcoin investment

was made after careful monitoring of the market trends, which show that more and more people are seeking alternatives to bitcoin, since the currency has shown a rapid decline after crashing in value in 2015.

Putting aside the fact that the value BitCoin has doubled in the last twelve months, the real reason OneCoin are now accepting bitcoin is because they just lost their credit card processing merchant.

As of May 1st, 2016, new and existing OneCoin investors who attempt to deposit funds into the scheme via credit card are advised the service is “temporarily out of service”:

Since late 2014, OneCoin has been laundering invested funds through China UnionPay. Among other things, China UnionPay provided OneCoin their credit card processing service.

A secret report leaked to the Chinese media reveals the People’s Bank of China, the central bank of China ‘with the power to control monetary policy and regulate financial institutions‘, recently issued a directive aimed at combating cryptocurrency fraud.

As part of the bank’s “strengthening of bitcoin risk prevention work” policy, Chinese “banks and third-party payment processors” had been ordered to “close all account transactions associated with bitcoin platforms” by April 15th.

It is believed the directive applies not only to bitcoin but all cryptocurrencies.

How concrete the April 15th deadline was is unclear, but it explains why OneCoin are no longer accepting credit cards and have instead opened up bitcoin.

China UnionPay have cut OneCoin off and desperate times call for desperate measures.

Up until recently China has been somewhat of a wild west for cryptocurrency transactions. This has meant MLM Ponzi schemes abusing the niche have been able to flourish through Chinese financial institutions.

Faced with the prospect of establishing new banking relationships elsewhere, OneCoin no doubt now finds itself between a rock and a hard place. Previous efforts to establish banking channels outside of China by OneCoin have lasted a few weeks at best.

In conjunction with Chinese authorities actively investigating the scheme and arresting investors, the loss of credit card processing will no doubt see new investment funds flowing into the scheme drastically reduced.

What that means for existing OneCoin investors, whose ROI payouts rely on ever-increasing new investment, remains to be seen.

52 Comments on “OneCoin lose credit card processing merchant”

oz: China UnionPay have cut OneCoin off and desperate times call for desperate measures.

since late 2014, onecoin has boasted about its tie up with china union pay, as a sign of its legitimacy. with china union pay withdrawing its credit card processing facilities, and the slew of problems onecoin has had with other international banks, i wonder what ruja is going to do.

will she trust her moolah with some shady offshore bank? that seems to be the only route available to her, but how are affiliates going to explain why the Next Big Thing after Bitcoin has got it ass chased out by bank after bank, to land in some dubious offshore bank?

i think onecoin is not issuing its Onecoin Mastercard anymore either, so that’s another effort at pretended legitimacy gone bust.

if ruja thinks she can skirt the chinese crackdown by accepting bitcoin, she has a fat head.

with china tightening screws on ‘bitcoin platforms’ and onecoin already in their sights, all it will take is a ‘onecoin warning’ from a chinese regulator, to end ruja’s ponzi career in china. when china goes, her whole ponzi kingdom will fall on itself in a domino effect.

In fact as far as I can remember choosing credit card as payment method has offered just a blank page with nothing to choose from. If I recall it correctly China UnionPay has had its own slot in the payment selection – which they have now deleted after the latest events. (Just to be clear, I’m not 100 % sure about my memory on this… maybe someone else can also verify this?)

Nevetheless this doesn’t change the fact that China UnionPay is not available anymore. I just wanted to point out that credit card option has been off limits from the early days of Onecoin… I don’t even know if it ever really was an option available.

The members have been complaining about not being able to pay with credit cards for ages.

No matter how many bad things are said about Onecoin, and not matter how much documentation we have supporting that Onecoind is a ponzi scam, we will not be able to convince brainwashed people.

It is actually very simple to determine if a scheme is a pyramid scam. If you can answer ”No” to one of the below questions you are in a pyramid scheme.

-Is most of the volume coming from customers (both wholesale and retail)?

-Can you retail the product?

-Does the product have real marked value?

-Can you make a living without recruiting anyone into the scheme?

-Does the company restrict front loading (huge starterpacks)?

-Does the company have customers at all?

The problem is that most Onecoin partners will take the above test and they will most likely answer ”No” to all the questions. They will then convince themselves, that the above does not apply to Onecoin and will then go out and recruit another partner into the scam.

Imagine what it must feel like to get your friends and family into this, especially after having answered ”no” to all the above questions. I simply do not get it and I am very angry!

I have therefore send both an email and a letter to National Fraud & Cyber crime reporting center in the UK, so that they are warned about the upcoming event in London.

They have previously shut down ponzi schemes and I have encouraged them to take action against Onecoin. They can be very aggressive so let´s hope they show up and arrest leaders and founders. I will make sure they get plenty of documentation supporting the fact that Onecoin is a scam.

Here is the spin Ken Labine shill John Reilly is putting on answering the question, “Why are credit cards no longer accepted?” as posted to Ken Labine’s timeline:

Because that’s been done for a long time. Here is the reason. Once codes are sent and packages are upgraded and tokens sent into mining that can’t be undone. So this is to avoid people coming back and disputing credit card payments with their banks.

… Because people sign up for OneCoin without getting educated beforehand and they want things that aren’t realistic (i.e., Coins in their account instantly, to sell all of their coins in one transaction without restrictions, to spend their coins now) OR they go online and find some negative blog from, as Ken calls them, penny-pinching parasites and decide, based on their easily persuaded fearful minds that it waste a legitimate purchase.

See, no matter how many times OneCoin members or the company tries to explain this, people don’t understand the concept that OneCoin is NOT AN INVESTMENT. It is a purchase of an education package with the rights to participate in the mining of OneCoins.

If we are so lucky to hit the public exchange at a much higher price, later on (once 80% are mined) THEN we will be able to sell our coins at a higher exchange rate.

Ruja could go public if she wanted to right now. Going public is not hard. Look at the 650 worthless cryptocurrencies on the exchange. Whooptydo.

What she is establishing is a value chain so large that we will swallow up the emerging markets (2 billion people) that have been ostracized by the despicable central banks.

This is a vision. A movement. And it’s not the company’s problem if people choose not to take the time to learn or choose faith instead of fear along the way toward accomplishing this vision.

I have been meticulously hyper-posting in EVERY Onecoin group on Facebook and YouTube (as will add Disqus and other platforms) since April 9th when I was filibustered from “debating” Mr Can Le’Beans. He pissed me off and that was the last straw.

While I do that, I encourage others to work on forwarding the conglomerate of reports to authorities, world wide.

I have all the social media platforms covered, but I can’t do everything.

Behind MLM and other consumer rights activists and individuals have done an amazing job this far, and provided amazing source material and evidence, which is crucial to our efforts.

Let’s see if we can have Intetpol lie in wait for these crooks in London!

shipdit relaying more KL Brainfart: This is a vision. A movement. And it’s not the company’s problem if people choose not to take the time to learn or choose faith instead of fear along the way toward accomplishing this vision.

Belief of a vision is faith.

And what exactly is not the company’s problem? People choose faith INSTEAD of fear? Why is that a problem? Sounds like you WANT faith, so why is that a problem? Are you even making sense?

As covered by Oz and others, ponzi schemes and pyramid games come and go. Nothing new there.

However, this particular group of Ponzi Pumpers are interesting to watch. There’s NO DOUBT at this point whether or not OneCoin is in trouble – – serious trouble.

A good percentage of THEIR OWN investors are now crying foul on the main OneCoin Facebook page for all to see.

I understand it’s hard for people like Ken Labine, Kevin Foster and others to come to grips with the fact that they have been advising their friends, family and social media contacts to invest in a worthless ponzi scheme.

I GET THAT!

What I don’t understand is the depths in which they go to look the other way and not acknowledge what is now OBVIOUS.

Here is a little taste of that denial from one of our favorites – Kevin Foster:

Music to my ears. I just want to meet Dr. RUJA and Hug her!

The energy hope and abundance is contagious just love all these testimonials coming thru.

All of this denial will just make the eventual collapse that much worse. Some of these people quit their jobs already. Some of them bought things they couldn’t afford. Some of them convinced family members and life-long friends to ante up and invest in a company that is located in Bulgaria.

The current OneCoin Pitch:

Yeah, pay no attention to the headlines. Don’t worry about the 3 OneCoin promoters who just got arrested in China. That has nothing to do with us.

Who are you going to believe, some blogger (who has an almost 100% track record of being right about pyramids and ponzis), or me? Just have faith and gimme your money. Fear is for losers.

I just want to say thanks for the effort you put in. I have learned a lot from this site and although i have never fallen victim to one of the numerous scams that this site reports on, my family on the other hand are falling hook line and sinker for scheme after scheme: MMM, Zewang and Onecoin to name a few. Trying to warn them and refusing to join them has only resulted in more family drama.

The most common attack against the credibility of this site is always that since you are earning ad-revenue it is in your best interest to have click-bait articles.

Although I genuinely believe that behindmlm only presents well researched facts i would like to know what is your official response to that statement.

Would you be willing to share if ad-revenue on this site is enough to pay for the sites upkeep or do you make a bit extra on top of that. Does the admin have full time jobs?

are there any other revenue generating models that might eliminate the “click-bait” claim, donations for example.

@Herman, you may want to relate to your family members involved in the schemes that ad-share ponzis don’t last very long, and that by their very nature must collapse by way of any number of excuses in order to avoid investigations of their fraudulent operations.

They pretty much collect stolen money, close down, then pop up again to collect more money under a different disguise until the authorities catch up to the scheme operators and the pushers of the scheme.

Most victims live in denial that they’re involved in a scheme until they lose their money to the perps when they find out they can’t withdraw their part of the money they’ve generated from other unsuspecting victims.

Herman:
….. my family on the other hand are falling hook line and sinker for scheme after scheme: MMM, Zewang and Onecoin to name a few. Trying to warn them and refusing to join them has only resulted in more family drama.

The most common attack against the credibility of this site is always that since you are earning ad-revenue it is in your best interest to have click-bait articles.

Sounds like the problem is three fold – family members, who are completely brainwashed, and are not figuring out the common denominator.

I refer you to this site (with no ads). If you’ve seen it already, maybe it will be new to someone else reading this post.

mlm-thetruth.com/5-stepdo-it-yourselfevaluation/

It explains the problems with endless chain recruitment and also provides an evaluation tool. In fact, “A summary of this “5-step Do-it-yourself Evaluation” was also published in the newsletter for the National White Collar Crime Center and presented at an Economic Crime Summit Conference in Dallas.”

Here’s a snippet from one of the questions that should hit close to home. I hope you check it out and are able to share it with family. I doubt it though, but maybe some day after OneCoin collapses.

“Visualize yourself recruiting a chain of recruiters recruiting recruiters, including friends and loved ones, just to enrich yourself. Wouldn’t you rather preserve and protect, rather than exploit, those relationships?”

Side note in response to your politely posed question:

The time and skill it takes to research, publish articles, and run a site certainly is deserving of compensation above and beyond site expenses.

This is a job – a real job. The amount of money he makes is none of anyone’s business; however, I’m sure his revenue pales in comparison to the amount of money Oz has saved others by writing these reviews.

Disclaimer: The following information is meant to illustrate the sheer insanity behind the OneCoin model, platform and concept.

OneCoin – The Future of Payments. Catchy little phrase, eh?

Dr. Ruja (pronounced Ruse-Ya) is just trying to save the world by creating yet another way to pay for our stuff. The Euro and Dollar are now worthless and we need another currency. Enter the new and exciting world of Crypto-currency!

I don’t know about the other readers of this board, but I often find conversations with friends drifting off to that age-old question about how do we pay for our stuff.

READER ALERT – before reading any further, we suggest you enter a Self-induced Dream State, have kool-aid handy and an open (blank is better) mind. Oh, and since our charge card account just got yanked, Bitcoin is our preferred method of payment.

Thanks, OneCoin Management.

Once upon a time, there was a lady from Bulgaria who magically created an alternative payment platform that would also:

* yield 500% Annual Rate of Return,

* payout overrides, commissions and bonuses of tens of millions per month,

* tell investors that 500,000 merchants would accept the payment platform after 30% mining completed (and then never mention it again)

All of this, in spite of the fact that they just lost their credit card processing merchant and 3 of their top investors just got arrested in their #1 market (China).

To add to the insanity, the Promoters end up getting paid in Euros/US Dollars which they can use to payoff their Visa/MasterCards/PayPal balances when they made their initial investment in OneCoin.

Yep, back to square one!

WTF?!?

Wake Up People! It was ONLY a dream. However, for some, the nightmare is just beginning.

Onecoin is having a huge event in London on June 11. After what happened in China, they will find it difficult to build in most parts of Asia.

They are not targeting Europe, and they are apparently having great success in many EU markets.

They are clearly violating many rules in UK. UK have strict rules on front loading, which means that a new partner (ponzi pusher), cannot invest more than 200 pounds initially. A 27.500€ pack clearly exceeds that 🙂

I see that there are a lot of formere Onecoin members in the UK, who have turned against the company. Many of them are upset, because the company promissed, that they would launch thousands of shops when 30% of the coins were mined. This has not happened and will of course never happen.

So if you have any contacts in the UK, which might have connections to regulatory agencies, not is the time to join forces and give them a surprice at the event. Here are some of the illegal things they are doing.

-Exceeding maximum first order

-All volume is coming from new people entering the business

-Product is not retailable

-No customers

-It is a closed wholesale club, which is not allowed in UK or the rest of EU.

-Think they are a Fund transmitter company, which will require a license

-Illegal income claims & false marketing

I am sure that someone else can add 100 other things to the above list.

Actionfraud is a police unit in the UK, which deals with scams. They will be very interested in a company like Onecoin and they should stop them before thousands of people in the UK and the rest of EU loose huge amounts of money.

I think that most of EU will attend this event and Ruja will also be there.

Hi everyone, is it possible to make contact with Facebook Admin about possibly removing the Onecoin page?

By allowing this page on their site they are supporting criminal activity, I have been going out of my way the past few days to post negative but factual comments on the page but today they blocked everyone posting negative comments.

Perhaps if the right people were aware of what Onecoin is and what it is doing around the world they would close the page.

Apparently I should never write when angry, since I made a lot of spelling mistakes in my last post. Not was obviously supposed to be now 🙂

Spiegel (German newspaper) has also written about Onecoin, so it seems that more and more EU markets are starting to discover Onecoin. You can try and google “Spiegel onecoin” and you will find interesting information. It is however in German.

It is time for Onecoin to launch the many shops which will accept Onecoin. Just imagine how that would work. You own a shop and someone from Onecoin calls you. He starts talking about how much this currency will be worth, so you decide to google about it. Spam, ponzi, spam, ponzi…

Research this is going to be messy. BigCoin in Europe was definitely pushed by Prosper Inc, which would included Jarle Thorsen, Sebastian Greenwood, and Ronnie Skold. But there is also a “MyBigCoin” in the US, and an actual altcoin called BIGCOIN circa 2014.

From what I can gather, BigCoin was registered in HongKong by a “John Ng” and was heavily promoted by Greenwood, et al. In 2013 Throsen and Greenwood split and with Ruja as the public face (much like Skold was left to run BigCoin/Prosper) started OneCoin which basically is a clone of BigCoin.

Richard Marks, Onecon ponzi pimp it off Florida with about 1,700+ in his down line is claiming that not only is China Union Pay restoring Onecon merchant services account, but that they received approval to issue 5,000 new credit cards to Onecoin, beginning Monday.

I find this very suspect and difficult to believe, however I will still greater clarity on this (or I suppose simply wait until tomorrow to see if it is just another lie).

What is the advantage of keeping OneCoin off an External Exchange… I would rather OneCoin be on the External Exchange from day 1 so the whole wide world then has the choice to buy the coins without having to buy one of their packages…

The advantage is that you can trick people into thinking the coin will succeed in a closed system and bilking a million people for a billion dollars, actually, just like Onecoin has done.

Buy coins via Shapeshift.io (any) or coinmarketcap.com (top 15) where there is an actual vetted product that you can read all about and do your Due Dilligence on in order to make an informed investment (win or lose).

THE POINT IS, YOU HAVE TO READ! MOST OF THE VICTIMS OF THESE SCAMS DO NOT LIKE READING!

￼
Following the amazing announcement that OneCoin will be issuing the ONE NET UPI CARDS in association with UnionPay, we would like to clarify some details about the application procedure.

All Members can apply for a ONE NET UPI CARD, regardless of nationality.

The Application Procedure is significantly simplified and you can apply regardless of whether you have approved KYC in the OnePay system.

UPI Cards can be used all around the globe, wherever UnionPay cards are accepted.

Application Documents, which are NOT IN ENGLISH, are accepted only with certified translations. We do not offer translation services for them.

We would also like to remind you that when you upload your National ID Card/National or International Passport, if your address is shown in the document, and if the stated credentials are written on different sides of your card or pages in your passport document, make sure that you upload all sides of your document in order the personal information provided by you in the Card Application Request could be verified.

Please note that if there is a mismatch of the personal data in the Card Application Request and the copy of the documents provided by you your card application will be rejected by the Bank issuing the ONE NET UPI cards.

All KYC documents must be submitted in the English language or written in Latin Letters or they will be rejected.

In those cases, when you do not have officially issued documents in Latin letters, we kindly ask you to provide us with an officially translated copy of your KYC documents in ENGLISH made by a certified translator.

The documents should be also sealed and signed by the certified translator made the translation. Please note that in one file you should provide the copy of the original document together with the certified translation.